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Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
LEGACY TRADE SERVICES DMCC |
|
|
|
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Registered Office : |
Al Mas Tower, 48C Floor, Office B, Jumeirah
Lakes Towers, PO Box : 340508, Dubai |
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|
|
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Country : |
United Arab Emirates |
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Date of Incorporation : |
27.06.2006 |
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|
|
Legal Form : |
Limited Liability Company |
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|
|
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Line of Business : |
Subject is engaged as business management consultants in commodity
trading |
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|
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No. of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
United Arab Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UNITED ARAB
EMIRATES - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the country has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US; however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE's strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
|
Source
: CIA |
Company Name :
LEGACY TRADE SERVICES DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
27th June 2006
Trade Licence Number :
30498
DMCC Number :
0757
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
4
Activities :
Business management consultants
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
LEGACY TRADE
SERVICES DMCC
Registered &
Physical Address
Location : Al Mas Tower, 48C Floor, Office B, Jumeirah
Lakes Towers
PO Box : 340508
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4230600
Facsimile : (971-4)
4230833
Email : business@legacy.ae
/ praveen@avigocorp.com
Please note that subject’s previous address was, 33L AG Tower, Jumeirah
Lakes Towers, Dubai.
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
Name Nationality Position
Stewart Taylor British Managing
Director
Aksha Kana Indian Director
Praveen Kurup - Commercial
Manager
Date of Establishment : 27th June 2006
Legal Form : Limited Liability
Company
Trade Licence No. : 30498
DMCC No. : 0757
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s)
Stewart Taylor
Aksha Kana
Avico Corporation
Dubai
Avigo Capital DMCC
Dubai
Tel: (971-4) 4230600
Fax: (971-4) 4230833
Metdist DMCC
Dubai
Activities: Engaged as business management consultants in commodity trading.
Subject has a workforce of 4 employees.
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
Emirates National Bank of Dubai
Baniyas Street
PO Box: 777
Dubai
Tel: (971-4) 2222241
No complaints regarding subject’s payments have been reported.
During the course of this investigation nothing detrimental was uncovered
regarding subject’s operating history or the manner in which payments are
fulfilled. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.